2019-07-11_DTZ戴德梁行_Office_Q4_2018_Syracuse,NY_2页_114kb
报告摘要
Syracuse, NY Office Market Q4 2018 Summary
Core Content
This document provides a comprehensive overview of the office market in Syracuse, NY for the fourth quarter of 2018, including economic indicators, market performance, and key transactions. It highlights the trends in vacancy rates, net absorption, and asking rents across different submarkets and office classes.
Economic Indicators
| Indicator | Q4 2017 | Q4 2018 | 12-Month Forecast |
|---|---|---|---|
| Syracuse Employment | 318.3k | 320.6k | ▲ |
| Syracuse Unemployment | 5.2% | 4.1% | ▼ |
| U.S. Unemployment | 4.1% | 3.7% | ▼ |
- Syracuse Employment increased slightly from 318.3k to 320.6k.
- Syracuse Unemployment decreased from 5.2% to 4.1%.
- The U.S. Unemployment rate also declined, from 4.1% to 3.7%.
Market Overview
Overall Market Trends
- Vacancy Rate decreased by 150 basis points from 14.2% to 12.7%.
- Class A Asking Rents increased from $18.13 to $18.87 per square foot (psf).
- Office Sales remained stable in terms of transaction volume but saw a decline in transaction values due to a higher proportion of owner-occupied properties.
Submarket Analysis
| Submarket | Inventory (SF) | Sublet Vacant (SF) | Direct Vacant (SF) | Overall Vacancy Rate | Current Qtr Net Absorption (SF) | YTD Net Absorption (SF) | YTD Leasing Activity (SF) | Under Construction (SF) | Overall Asking Rent (All Classes) | Class A Asking Rent |
|---|---|---|---|---|---|---|---|---|---|---|
| CBD | 5,649,800 | 48,593 | 987,365 | 18.3% | -42,828 | -17,589 | 73,004 | 0 | $18.27 | $20.32 |
| East | 4,652,878 | 118,338 | 342,026 | 9.9% | -168 | 176,697 | 319,929 | 0 | $14.54 | $13.52 |
| North | 3,787,583 | 7,335 | 394,562 | 10.6% | -11,557 | -47,524 | 77,455 | 25,000 | $15.26 | $17.55 |
| South | 303,363 | 5,500 | 1,700 | 2.4% | 0 | -2,033 | 4,000 | 0 | NA | N/A |
| West | 1,722,094 | 0 | 138,777 | 8.1% | -3,044 | 17,267 | 20,891 | 25,528 | $17.74 | $18.78 |
| Syracuse Total | 16,115,718 | 179,766 | 1,864,430 | 12.7% | -57,597 | 126,818 | 495,279 | 50,528 | $17.08 | $18.87 |
- Overall Vacancy Rate decreased from 14.2% to 12.7%.
- Net Absorption increased to 126,818 square feet (sf) for the year.
- Average Asking Rent (All Classes) rose to $17.08 per sf, with Class A reaching $18.87 per sf.
Key Lease Transactions
| Property | SF | Tenant | Transaction Type | Submarket |
|---|---|---|---|---|
| 333 Butternut Drive | 153,820 | Excellus BCBS | Renewal | East |
| 5015 Campuswood Drive | 63,205 | Emblem Health | New Lease | East |
| 100 New Street | 47,400 | State University of NY | Renewal | CBD |
| 5010 Campuswood Drive | 15,027 | Syracuse Research Corp | New Lease | East |
| 441 South Salina Street | 10,824 | UBS Financial Services | New Lease | CBD |
| 15 Technology Place | 5,213 | Propel Network LLC | New Lease | East |
| 6801 Kirkville Road | 5,000 | Project Resource Group | Renewal | East |
- The East submarket had the most lease activity.
- Class A and CBD were the most active in terms of new leases and renewals.
Key Sales Transactions
| Property | SF | Buyer | Price / $PSF | Submarket |
|---|---|---|---|---|
| 6711 Towpath Road | 110,328 | Towpath Holding | $5,867,065/$53 | East |
| 518-520 James Street | 48,801 | S&J Realty Enterprises | $3,750,000/$77 | East |
| 6250 South Bay Road | 16,673 | Dani Holdings LLC | $825,000/$41 | North |
| 208 North Townsend Street | 10,812 | LaRoastario, Inc. | $1,000,000/$40 | East |
| 6701 Brooklawn Pkwy | 8,000 | Bowers Development LLC | $335,000/$42 | East |
- East submarket dominated the sales activity.
- Sales values were lower in 2018 due to a higher proportion of owner-occupied properties.
Outlook
- Downtown Interest is expected to continue as new projects become available.
- Class A rents will likely continue to rise, while second-tier landlords may need to reduce rates or offer incentives.
- Investment Sales are anticipated to increase as occupancy rates improve.
- Leasing Competition may intensify, with tenants potentially taking space earlier than desired to secure availability.
About Cushman & Wakefield
- Cushman & Wakefield is a global real estate services firm with 48,000 employees across 400 offices and 70 countries.
- The firm had $6.9 billion in revenue in 2017, covering core services like property, facilities, and project management.
- It is a leading player in the Syracuse market, providing insights and analysis through its reports.
Contact Information
- Brian M. Balash, CCIM
- Tel: +1 315 445 8506
- Email: bbalah@pyramidbrokerage.com
Conclusion
The Syracuse office market showed positive momentum in Q4 2018, with a decline in vacancy rates and increased net absorption. Class A rents rose significantly, while sales activity was influenced by the shift in property types. The University Hill business district emerged as a key economic driver, with substantial development activity and designation as an Opportunity Zone. The market outlook suggests continued growth and increased investment interest as the sector evolves.
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